Approximately 2.3 ETH is being burnt every minute through the | STIPS|Oculus

Approximately 2.3 ETH is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on August 5.

The highly anticipated London hard fork went live on Wednesday this week, ushering in the EIP-1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected.